2023 Medicare Costs + Coverage Updates
The Centers for Medicare & Medicaid Services (CMS) have released the Medicare costs and coverage information for 2022.
PART A - COSTS
PART A (Hospital) Premium
Most people don't pay a monthly premium for Part A. If you do buy Part A, you'll pay up to $499 each month if you paid medicare taxes for less than 30 quarters. If you paid Medicare taxes for 30-39 quarters, the standard Part A premium is $274.
PART A Deductible + Coinsurance
- $1,600 deductible for each benefit period
- Days 1-60: $0 coinsurance for each benefit period
- Days 61-90: $400 coinsurance per day for each benefit period
- Days 91 and beyond: $800 coinsurance per each "lifetime reserve day" after day 90 for each benefit period (up to 60 days over your lifetime)
- Beyond lifetime reserve days: all costs
PART B - COSTS
PART B (Medical) Premium
Those enrolled in Part B will pay at least the standard $164.90/mo premium (based on income). Higher income earners will pay a Part B IRMAA (Income Related Monthly Adjustment Amount) in addition to the $164.90/mo standard premium.
PART B Deductible + Coinsurance
- $226 deductible per year
- After your deductible is met, you typically pay 20% of the Medicare-approved amount for most doctor services, outpatient therapy, and durable medical equipment (DME)
Part B Income-Related Adjustments If your MAGI (Modified Adjusted Gross Income*) in 2021 was… |
|---|
File Individual Tax Return | File Joint Tax Return | File Married + Separate Tax Return | What You Pay to Medicare (per person) Each Month in 2023 (Part B premium + IRMAA) |
$97,000 or less
| $194,000 or less
| $97,000 or less
| $164.90
|
| $97,001 to $123,000 | $194,001 to $246,000
| Not applicable
| $230.80 (164.90 + 65.90)
|
| $123,001 to $153,000 | $246,001 to $306,000 | Not applicable
| $329.70
(164.90 + 164.80) |
| $153,001 to $183,000 | $306,001 to $366,000 | Not applicable
| $428.60 (164.90 + 263.70) |
$183,001 to $499,999 | $366,001 to $749,999 | $97,001 to $402,999 | $527.50 (164.90 + 362.60) |
| $500,000 + | $750,000 + | $403,000 + | $560.50 (164.90 + 395.60) |
PART D - COSTS
Higher income earners who are enrolled in Part D Prescription Drug coverage also pay a Part D IRMAA in addition to the monthly insurance premium for a Part D prescription drug plan or Medicare Advantage plan that includes Part D coverage (see table below).
Part D Income Related Adjustments If your MAGI (Modified Adjusted Gross Income*) in 2021 was… |
|---|
File Individual Tax Return | File Joint Tax Return | File Married + Separate Tax Return | What You Pay To Medicare (per person) Each Month in 2023 |
| $97,000 or less | $194,000 or less | $97,000 or less | your plan premium |
| $97,001 to $123,000 | $194,001 to $246,000 | Not applicable | $12.20 + your plan premium |
| $123,001 to $153,000 | $246,001 to $306,000 | Not applicable | $31.50 + your plan premium |
| $153,001 to $183,000 | $306,001 to $366,000 | Not applicable | $50.70 + your plan premium |
| $183,001 to $499,999 | $366,001 to $749,999 | $97,001 to $402,999 | $71.00 + your plan premium |
| $500,000 + | $750,000 + | $403,000 + | $76.40 + your plan premium |
